Call Us630-665-2500

124C S. County Farm Road, Wheaton, IL 60187

Recent blog posts

blog

Ending a marriage is undoubtedly one of the most emotionally draining situations many people have to face. At this difficult time, it is vitally important to be aware of the negative impact this emotional upheaval can have on personal finances. While working through your separation and divorce settlement process, it is necessary to take proactive responsibility for safeguarding your personal finances and credit score.

Good Credit Is Crucial

For spouses who have not been responsible for bill-paying in the marriage, the transition to successfully managing their personal finances can be challenging. At our firm, we work with our clients to get an overall understanding of their finances so we can help them make smart decisions going forward. One important area of focus involves the personal credit score. Everyone has their own credit score assigned to them by the credit reporting agencies, regardless of if they are single or married. However, for married people, depending on how the couple’s credit and loan accounts were set-up and administered, their individual credit scores may be substantially different.

...

blog

If you are trying to find a new home at a good price, you might have family and friends mentioning that you try to find a foreclosure property. In theory, this is not a bad idea. A home that is for sale because the current owner defaulted on his or her mortgage could sell for far below market value. In the wake of COVID-19, however, foreclosures have all but stopped, thanks largely to a moratorium put in place on foreclosures on federally insured mortgages. Private lenders have mostly followed suit, which means that there are probably not many foreclosure properties available. The good news is that you may have another option for finding a good value: a real estate owned home, more commonly known as an REO property.

What Is an REO Property?

When a home is foreclosed on due to default on the mortgage, the lender (or current holder of the mortgage loan) will eventually seize the home and attempt to sell it. This sale usually takes place at a public auction. In most cases, a foreclosure auction does not give participants the opportunity to see the property or inspect the home ahead of time. This means that bidders are effectively making offers on a property about which they know very little. Additionally, the highest bidder is usually required to pay cash for the property at the time of the auction. Financing is uncommon at foreclosure auctions.

...

blog

The process of estate planning can be challenging, depending on the size and complexity of your estate and what you want done with your assets upon your death. Proper estate planning requires a level of knowledge of the various tools, methods, and strategies that are often employed. For example, it is important to understand the differences between a will and a living trust and how those differences could affect your heirs. It is also a good idea to work closely with a qualified lawyer who can provide assistance in meeting your estate planning needs.

What Is a Will?

At its most basic, a will is a legal document that allows you to specify how your assets and possessions are to be distributed. A will can also name a legal guardian for any minor children. An important characteristic of a will is that it is a revocable and amendable document that you can control until your death. It can be updated, altered, or changed to accommodate changing situations, such as the death of an heir or divorce. Keep in mind, however, that there are some major limitations with a will—particularly when it comes to the amount of control you have over your estate after your death. The tax consequences for your heirs may also be significant if your estate plan consists only of a will.

...

blog

For many business owners, terminating an employee is something they hope they will not have to do. Unfortunately, letting employees go is just as much a part of being a business owner as hiring employees is. When an employer fires an employee, the employer must be careful to avoid creating an opportunity for the employee to sue.

Illinois is an “at-will employment” state, which means that a workers’ employment can be terminated for nearly any reason, including no reason at all. However, there are exceptions. For example, it is illegal to fire an employee on the basis of the employee’s age, race, national origin, and other characteristics protected by law. This creates a vast gray area when it comes to letting an employee go, and employers must make certain that the termination was handled in compliance with the law. There is no way to completely eliminate the risk of being sued, but avoiding these common mistakes can help business owners avoid litigation.

...

blog

The decision to get divorced is never easy, but once you have made that decision, the real work begins. You and your soon-to-be ex-spouse must now decide how you will divide your marital property, share the responsibilities of parenting your children, and build your respective lives after the divorce. One of you must also initiate the formal divorce process by filing the petition for divorce at your county courthouse. At our firm, we are often asked about this, and many clients are curious to know does it matter which spouse files for divorce first.

What Does the Law Saw?

The Illinois Marriage and Dissolution of Marriage, or IMDMA, is a collection of laws that essentially govern the entire process of divorce in the state of Illinois. According to the law, a divorce is, at its most basic, a legal proceeding through which the marital contract between two parties is officially dissolved. Technically, a divorce has a plaintiff and a defendant, but the application of the terms is much less important during a divorce than in other types of legal proceedings, such as criminal or personal injury cases. As a matter of fact, the IMDMA references the parties in a divorce as the plaintiff or defendant in just a single paragraph.

...
Back to Top